Google parent company Alphabet reported a 30.2 percent rise in quarterly revenue, after seeing strong advertising sales on YouTube and mobile devices.
Alphabet posted better-than-expected earnings on Friday, with profits of $22.5 billion (£18.5 billion), from $18.7 billion of the year previously. In addition, net profits were higher at $5 billion, up from last year’s $4 billion.
According to the figures, the majority of earnings came from ad revenues, which accounted for $19.82 billion, up by 18.1 percent. Analysts expected the group to report third-quarter earnings of $8.63 a share on revenue of $22.05 billion, according to estimates issued by Thomas Reuters.
In a statement, Alphabet chief financial office Ruth Porat said they “had a great third quarter.”
Google chief executive Sundar Pichai said during a conference call:
“Mobile search and video are powering our core advertising business and we’re excited about the progress of newer businesses in Google and Other Bets.”
“We feel well positioned as we transition to a new era of computing.
“This new era is one in which people will experience computing more naturally and seamlessly in the context of their lives, powered by intelligent assistants and the cloud”, he continued.
Last year Google underwent a major restructuring, which saw the creation of Alphabet as its parent company. This was implemented in order to reflect the company’s growing diversification in the technology industry. Alphabet now includes divisions which are concerned with the development of autonomous cars, as well as internet service balloons.
Alphabet is currently ranked the global second largest company in terms of share value. Google’s Class A shares have increased by over 11 percent in the past year. In addition, Google remains second it terms of global display ad revenue for the year, with Facebook just above.
Shares in the company were up 1.6 percent in after-hours trading, after an initial jump of 2.5 percent.